Press release
What's Driving Innovation in the Commercial Drone Market? | AeroVironment Inc., Airobotics, Airware, Amazon Prime Air, Bae Systems, DJI, DroneDeploy, Hoverfly Technologies, Intel, Xiaomi Inc.
Commercial Drone Market
Apparently, autonomous commercial drone market share is anticipated to account for 15 per cent of the global market by 2024.
Key Companies: -
3D Robotics, AeroVironment Inc., Airobotics, Airware, Amazon Prime Air, Bae Systems, Cyberhawk Innovations Ltd., DJI, DroneDeploy, Ehang Inc., Hoverfly Technologies, Intel Corporation, Kespry, Parrot SA, Pricisionhawk, senseFly, Walkera Technology Co. Ltd., Xaircraft, Xiaomi Inc., Yuneec International
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The global commercial drone market has garnered hefty proceeds over the recent years, perhaps attributing to the substantial increase in the deployment of machine learning algorithms and Artificial Intelligence in an effort to augment the competences of the autonomous drones.
As a matter of fact, Google in 2018 joined hands with the United States Department of Defense to support the agency in developing the AI for data analysis.
A significant rise in the investments pertaining to the drone technology across the globe has fostered the market dynamics in the recent times. For instance, PrecisionHawk in April 2016 generated over USD 18 million through Series C funding while helping different companies to make use of drones for various commercial purposes.
According to the product spectrum, commercial drone market expansion is mainly characterized by hybrid drones. Apparently, the product held a huge stake of the global market share since 2017 and is likely to foresee an exponential rise in the business growth over the mentioned timeframe. The product growth is aptly credited to the mounting usage of these drones owing to their features and multiple applications in surveying, media and entertainment, agriculture, etc.
Commercial drone market is defined by a vast application gamut and has gained widespread popularity on account of the same, over the past few years. On these grounds, it is pivotal to mention that the wide scale deployment of commercial drones has enabled the remote sensing and mapping segment to evolve as one of the major revenue pockets for the market in the recent times.
It is prudent to mention that drones are significantly being used across the remote sensing and mapping segment for land condition analysis, vegetation monitoring, and various other mapping platforms. The remote sensing platforms ensure effective and automated farming in tandem with targeted crop measurement.
As per estimates, remote sensing and mapping segment is probable to account for 15 per cent of the overall market share by 2024.
Additionally, the agriculture industry has emerged as one of the most lucrative application segments as well, on the grounds of its expansive applications in planting, soil and field monitoring, health assessment, etc. eventually supplementing the business development.
Latin America, driven by Brazil, Mexico, and Argentina is poised to garner commendable gains in the ensuing years, attributing to escalating demands for commercial drones to cater to disaster mapping, precision farming, and investigation missions.
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Studies cited that Latin America commercial drone market is likely to depict a CAGR of 25 per cent through 2024.
Meanwhile, the presence of substantial drone manufacturers in the Asia Pacific region would fuel the growth of regional commercial drone market.
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